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JONES SPACELINK REPORTS SECOND QUARTER RESULTS; REVENUES INCREASE 9 PERCENT

 JONES SPACELINK REPORTS SECOND QUARTER RESULTS;
 REVENUES INCREASE 9 PERCENT
 ENGLEWOOD, Colo., Jan. 22 /PRNewswire/ -- Jones Spacelink Ltd. (NASDAQ: SPLAC) and its consolidated subsidiaries, including Jones Intercable Inc., (NASDAQ-NMS: JOIN and JOINA) today reported a 9 percent increase in total revenues for its second quarter of fiscal 1992. Total revenues for the second quarter ended Nov. 30, 1991 increased $2.8 million from $29.4 reported in fiscal 1991 to $32.2 million reported in fiscal 1992. For the six months ended Nov. 30, 1991 total revenues increased $7.2 million, or 13 percent, from $56.6 million in the first half of fiscal 1991 to $63.8 million reported in the first half of fiscal 1992. These increases are primarily the result of increases in subscriber service fees of Jones Intercable, which totalled $2.4 million and $5.1 million for the three and six months ended Nov. 30, 1991, respectively.
 Operating income before depreciation and amortization for the second quarter of fiscal 1992 was $13.9 million, an increase of $900,000, or 7 percent, from the $13.0 million reported in the similar period one year ago. For the six months ended Nov. 30, 1991, operating income before depreciation and amortization increased by $2.7 million, or 11 percent, from $24.7 million reported during the first half of fiscal 1991 to $27.4 million reported in the first half of fiscal 1992.
 Operating, general and administrative expenses for the second quarter of fiscal 1992 totalled $18.2 million, an increase of $1.9 million, or 11 percent, from the $16.3 million reported in the second quarter of fiscal 1991. For the six months ended Nov. 30, 1991, these expenses totalled $36.3 million, an increase of $4.5 million, or 14 percent, from the $31.8 million reported for the six months ended Nov. 30, 1990. Increased expenses of Jones Intercable, primarily satellite fees and premium service fees, accounted for $1.2 million and $2.7 million, respectively, of the three- and six-month increases.
 On Dec. 19, 1991, Jones Intercable completed the sale of its Onalaska, Wis. cable television system to Crown Cable Wisconsin Inc., an affiliate of Hallmark Cards Inc., and liquidated its 20 percent interest in Jones Crown Partners, a joint venture between Jones Intercable and Crown, which owns ten cable television systems in Wisconsin, for approximately $55 million. Jones Intercable recognized a gain on the sale of the Onalaska system before income taxes of approximately $6.4 million and a gain on the liquidation of the Jones Crown Partners investment before income taxes of approximately $23.4 million in the third quarter of fiscal 1992. In addition, partnership distribution revenues totalling approximately $20.7 million, which were previously deferred, were also recognized. Proceeds from this transaction were used to repay amounts outstanding on Jones Intercable's credit facility.
 Net loss increased from $3.0 million, or 4 cents per share, reported for the three months ended Nov. 30, 1990 to $10.7 million, or 14 cents per share, reported for the similar period in fiscal 1992. For the six months ended Nov. 30, 1990, net loss was $7.3 million, or 10 cents per share, as compared to $22.9 million, or 30 cents per share, for the six months ended Nov. 30, 1991. Historically, Jones Spacelink has reduced its consolidated net losses by eliminating 76 percent of Jones Intercable's net losses. However, because of certain consolidation accounting principles, beginning in the fourth quarter of fiscal 1991, Jones Spacelink's consolidated results of operations reflect all of Jones Intercable's net losses. As a result, for the three and six months ended Nov. 30, 1991, minority interests in the net losses of consolidated subsidiaries decreased by $5.1 million and $13.0 million, respectively, from the amounts reported in the prior year periods. Jones Spacelink reported higher net losses for the three and six months ended Nov. 30, 1991, as compared to the amounts reported in the similar periods one year ago, primarily because of the decreases in minority interests in the net losses of consolidated subsidiaries.
 As a result of the gains recognized by Jones Intercable on the sale of the Onalaska system and the 20 percent interest in Jones Crown Partners as described above, Jones Intercable will report net income in the third quarter of fiscal 1992. In the third quarter of fiscal 1992, Jones Spacelink will be able to recognize 100 percent of Jones Intercable's net income up to $22.4 million (the amount of losses Jones Spacelink has reported which are in excess of its 24 percent economic interest in Jones Intercable), and will recognize any additional net income of Jones Intercable at its 24 percent economic interest in Jones Intercable.
 RESULTS OF JONES SPACELINK EXCLUDING JONES INTERCABLE
 On a separate basis, which excludes Jones Intercable, Jones Spacelink and its consolidated subsidiaries derive their revenues from five primary sources: subscriber service fees from Spacelink-owned cable television systems, management fees from Spacelink-managed limited partnerships, brokerage fees earned by The Jones Group Ltd. on the acquisition and sale of cable television properties, sales by Jones Futurex Inc. of data security products, and sales by Jones Satellite Audio of a variety of audio programming to radio stations.
 Jones Spacelink and its consolidated subsidiaries, excluding Jones Intercable, reported revenues of $6.0 million for the second quarter of fiscal 1992, which is nearly identical to the revenues reported for the similar period in the prior fiscal year. For the six months ended Nov. 30, 1991, total revenues increased by $1.3 million, or 12 percent, from $10.9 million in the first half of fiscal 1991 to $12.2 million reported in the first half of fiscal 1992. For the three months ended Nov. 30, 1991, subscriber service fees increased by 9 percent, management fees increased by 13 percent, revenues of Jones Satellite Audio increased by 103 percent, and revenues of Jones Futurex increased by 9 percent. These increases were offset by an 85 percent decrease in brokerage fees of The Jones Group, resulting in revenues similar to those reported in the second quarter of the prior fiscal year. For the six months ended Nov. 30, 1991, subscriber service fees increased 10 percent, management fees increased 13 percent, revenues of Jones Satellite Audio increased 83 percent and revenues of Jones Futurex increased 78 percent. These increases were partially offset by a 73 percent decrease in brokerage fees of The Jones Group, resulting in a net increase in revenues of 12 percent.
 On a separate basis, operating income before depreciation and amortization for the second quarter of fiscal 1992 was $1.7 million, a decrease of $700,000 from the $2.4 million reported in the similar period one year ago. For the six months ended Nov. 30, 1991, operating income before depreciation and amortization decreased by $500,000 from $4.1 million reported during the first half of fiscal 1991 to $3.6 million reported in the first half of fiscal 1992. These decreases in operating income before depreciation and amortization are primarily the result of the decrease in The Jones Group revenues described earlier.
 Operating, general and administrative expenses for the second quarter of fiscal 1992 totalled $4.3 million, an increase of $700,000, or 19 percent, from the amount reported in the second quarter of fiscal 1991. For the six months ended Nov. 30, 1991 these expenses totalled $8.6 million, an increase of $1.8 million, or 27 percent, from the amount reported in the first half of fiscal 1991. These increases for both the three- and six-month periods are the result of increased personnel and programming costs in the operation of cable television systems, increased costs of sales of Jones Futurex and increased sales, programming, and administrative costs of Jones Satellite Audio.
 Net loss decreased from $1.3 million, or 2 cents per share, reported for the second quarter ended Nov. 30, 1990 to $1.0 million, or 1 cent per share, reported for the second quarter of fiscal 1992. For the six months ended Nov. 30, 1990, net loss was $3.2 million, or 4 cents per share as compared to $2.8 million, or 4 cents per share, for the six months ended Nov. 30, 1991.
 Jones Spacelink and its consolidated subsidiaries, including Jones Intercable, operate in several segments of the telecommunications industry, the dominant segment being the cable television industry. Through its consolidated subsidiary, The Jones Group Ltd., the company is in the cable television brokerage business, and through Jones Futurex Inc. it is in the personal computer security industry. Galactic Radio Inc. through its affiliates, provides radio and audio services to radio stations and cable television systems. Jones Spacelink also holds a minority interest in Mind Extension University(R)(ME/U): The Education Network(TM), a 24-hour-a-day basic cable television network devoted solely to distance education. For more detailed information, contact Corporate Communications, Jones Spacelink Ltd. at 303-792-9191 or write Jones Spacelink Ltd., 9697 E. Mineral Avenue, P.O. Box 3309, Englewood, CO 80155-3309.
 JONES SPACELINK LTD.
 UNAUDITED FINANCIAL HIGHLIGHTS
 (EXCLUDING JONES INTERCABLE INC.)
 FOR THE THREE MONTHS ENDED PERCENT
 NOV. 30, NOV. 30, INCREASE
 1991 1990 (DECREASE)
 (IN THOUSANDS EXCEPT PER SHARE DATA)
 REVENUES $6,036 $6,050 0
 OPERATING, GENERAL
 AND ADMINISTRATIVE EXPENSES (4,333) (3,653) 19
 OPERATING INCOME BEFORE
 DEPRECIATION AND
 AMORTIZATION 1,703 2,397 (29)
 DEPRECIATION AND
 AMORTIZATION (2,048) (1,908) 7
 NET LOSS ($1,035) ($1,276) (19)
 NET LOSS PER SHARE ($0.01) ($0.02) (50)
 WEIGHTED AVERAGE NUMBER
 OF SHARES OUTSTANDING 76,355 76,305 ---
 FOR THE SIX MONTHS ENDED PERCENT
 NOV. 30, NOV. 30, INCREASE
 1991 1990 (DECREASE)
 (IN THOUSANDS EXCEPT PER SHARE DATA)
 REVENUES $12,196 $10,889 12
 OPERATING, GENERAL
 AND ADMINISTRATIVE EXPENSES (8,643) (6,808) 27
 OPERATING INCOME BEFORE
 DEPRECIATION AND
 AMORTIZATION 3,553 4,081 (13)
 DEPRECIATION AND
 AMORTIZATION (4,071) (3,788) 7
 NET LOSS ($2,756) ($3,195) (14)
 NET LOSS PER SHARE ($0.04) ($0.04) 0
 WEIGHTED AVERAGE NUMBER
 OF SHARES OUTSTANDING 76,338 76,305 ---
 JONES SPACELINK LTD.
 UNAUDITED FINANCIAL HIGHLIGHTS
 (INCLUDING JONES INTERCABLE INC.)
 FOR THE THREE MONTHS ENDED PERCENT
 NOV. 30, NOV. 30, INCREASE
 1991 1990 (DECREASE)
 (IN THOUSANDS EXCEPT PER SHARE DATA)
 REVENUES $32,169 $29,399 9
 OPERATING, GENERAL
 AND ADMINISTRATIVE EXPENSES (18,222) (16,358) 11
 OPERATING INCOME BEFORE
 DEPRECIATION AND
 AMORTIZATION 13,947 13,041 7
 DEPRECIATION AND
 AMORTIZATION (11,916) (11,780) 1
 INTEREST EXPENSE, NET OF
 INTEREST CHARGED TO
 CABLE TELEVISION SYSTEMS
 HELD FOR RESALE (11,306) (11,721) (4)
 MINORITY INTERESTS IN NET
 LOSSES (INCOME) OF
 CONSOLIDATED SUBSIDIARIES (20) 5,125 (100)
 NET LOSS ($10,708) ($3,033) 253
 NET LOSS PER COMMON SHARE ($0.14) ($0.04) 250
 WEIGHTED AVERAGE NUMBER OF
 SHARES OUTSTANDING 76,355 76,305 ---
 FOR THE SIX MONTHS ENDED PERCENT
 NOV. 30, NOV. 30, INCREASE
 1991 1990 (DECREASE)
 (IN THOUSANDS EXCEPT PER SHARE DATA)
 REVENUES $63,763 $56,550 13
 OPERATING, GENERAL
 AND ADMINISTRATIVE EXPENSES (36,329) (31,795) 14
 OPERATING INCOME BEFORE
 DEPRECIATION AND
 AMORTIZATION 27,434 24,755 11
 DEPRECIATION AND
 AMORTIZATION (24,611) (23,483) 5
 INTEREST EXPENSE, NET OF
 INTEREST CHARGED TO
 CABLE TELEVISION SYSTEMS
 HELD FOR RESALE (22,731) (23,424) (3)
 MINORITY INTERESTS IN NET
 LOSSES OF CONSOLIDATED
 SUBSIDIARIES 91 13,137 (99)
 NET LOSS ($22,852) ($7,334) 212
 NET LOSS PER COMMON SHARE ($0.30) ($0.10) 200
 WEIGHTED AVERAGE NUMBER OF
 SHARES OUTSTANDING 76,338 76,305 ---
 BALANCE SHEET DATA NOV. 30, MAY 31,
 AS OF: 1991 1991
 (IN THOUSANDS)
 TOTAL ASSETS $496,746 $474,613
 TOTAL DEBT $464,205 $414,985
 TOTAL SHAREHOLDERS' DEFICIT ($24,017) ($2,019)
 -0- 1/22/92
 /CONTACT: Jim Carlson or Nancy Reed Long of Jones Spacelink, 303-792-9191/
 (SPLAC JOIN) CO: Jones Spacelink Ltd. ST: Colorado IN: TLS SU: ERN


MC -- DV002 -- 2428 01/22/92 15:28 EST
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Date:Jan 22, 1992
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